Stoneridge board to shrink as two members retire

NOVI, Mich. - Stoneridge, Inc. (NYSE: SRI), a global designer and manufacturer of electrical and electronic systems for various vehicle markets, currently trading at $5.01 and showing a 71% decline over the past year according to InvestingPro data, disclosed today that its Board of Directors will undergo a reduction in size following the retirement of two of its members. George S. Mayes, Jr. and Paul J. Schlather, veterans on the Board, have decided to retire and will not stand for reelection in the 2025 Slate of Directors.

Mayes has been part of Stoneridge’s Board for over a decade since 2012 and has notably contributed as Chairman of the Compliance and Ethics Committee. Schlather joined the Board in 2009, providing significant expertise in financial oversight and corporate governance. The company has chosen not to fill the upcoming vacancies, which will result in a downsized Board with seven members.

William M. Lasky, Chairman of the Board, expressed his gratitude for the contributions of both Mayes and Schlather, stating, "Their leadership, insight, and guidance have been instrumental in shaping Stoneridge’s success." Lasky acknowledged their valuable service and wished them well for the future.

Based in Novi, Michigan, Stoneridge has been a key player in the automotive, commercial, off-highway, and agricultural vehicle markets, providing specialized electrical and electronic components and modules. With annual revenue of $908 million and a healthy current ratio of 2.58, the company maintains strong liquidity despite recent challenges. The upcoming changes to the Board are part of the company’s natural governance evolution and reflect its commitment to effective oversight and management. InvestingPro analysis indicates the stock is currently undervalued, with additional insights available in the comprehensive Pro Research Report, which provides detailed analysis of what matters most for informed investment decisions.

This announcement is based on a press release statement from Stoneridge, Inc.

In other recent news, Stoneridge Inc. has announced the departure of two key executives, Chief Procurement Officer Salvatore D. Orsini and Vice President of Operations Archie Nimmer III. According to a recent 8-K filing with the Securities and Exchange Commission, both executives will leave their positions effective February 28, 2025, as part of a restructuring within the company. The filing, dated January 31, 2025, indicates that these terminations are part of a broader strategy, though specific details have not been disclosed. This organizational shift suggests a reevaluation of Stoneridge’s operational framework, but the company has not provided further information on its future plans or any potential replacements for the departing officers. Investors and stakeholders are likely to monitor the situation closely for any additional announcements that might clarify Stoneridge’s strategic direction. The impact of these executive changes on the company’s operations and its standing in the automotive parts industry is yet to be determined.

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